Amid soaring Pepe memecoin (PEPE) prices, a large crypto entity suddenly withdrew more than half a trillion PEPE from Binance. On-chain data shows that this action occurs when PEPE experiences a significant increase.
Big Deals by Whale
Blockchain tracking firm Lookonchain observed that a whale pulled 592 billion PEPE from Binance, the world's largest crypto exchange. This transaction was worth nearly $8 million (approximately Rp118 billion) at the time of the transaction.
"A whale withdrew 592 billion PEPE (Rp118 billion) from Binance on May 22, most likely bought during the price increase in the past two days," Lookonchain said.
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PEPE Price Increase
At the time of writing, PEPE is trading at $0.0000137 (Rp0.205), up 11.5% in the last 24 hours and 108% in the past month. This rise has made several crypto analysts optimistic about the future of PEPE, including pseudonymous analyst Altcoin Sherpa.
"If you're looking for large-cap memecoins to buy, I think PEPE is a good choice. Strong liquidity and volume. While it won't beat Doge, PEPE should have climbed higher relatively," Altcoin Sherpa said.
He also pointed out that PEPE could retest two trading ranges on the downside, between $0.00001300 (Rp0.195) to $0.00001200 (Rp0.180) and $0.00001150 (Rp0.172) to $0.00001100 (Rp0.165), before rallying again.
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Warnings from Other Analysts
However, not all analysts agree with this optimistic view. Well-known analyst DonAlt warns that memecoins like PEPE could see a sudden drop in value of more than 80% based on data from previous cycles.
"If I'm right, the popular memecoins we trade today will drop by more than 80%. Then, new memecoins will appear that build new communities and experience an increase. And we'll have the same discussions in a few years," DonAlt said.
PEPE Price Today
On 23/05/2024, PEPE is priced at IDR 0.2315 per token. Currently, the price performance of PEPE in the PEPE/IDR trading pair has increased by 4.65% in the last 24 hours.
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The whale action that attracted more than half a trillion PEPE from Binance signaled a big move in the memecoin market. Although some analysts see this as a bullish sign, others warn of the potential for drastic declines.
For investors, it is important to constantly monitor developments and conduct research before making investment decisions. With a significant price surge and different views from analysts, PEPE is one of the interesting topics in the crypto world today.
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How to Buy Pepepcoin (PEPE) on Bittime
You can buy and sell Pepecoin (PEPE) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Pepecoin (PEPE) is available on Bittime with the market pair PEPE/IDR. To be able to buy PEPE IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Pepecoin (PEPE) on Bittime.
Monitor the price chart movements of Pepecoin (PEPE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
PEPE: Pepe Signals Will Still Be Bullish This Observer Says
Solana (SOL) Price Skyrockets: Will It Touch Record Highs Again?
Bittensor (TAO) Price Prediction for 2024, 2025 to 2030: Predicted to Reach $1K?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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